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P&G Names CFO Jon Moeller as Vice Chairman

Procter & Gamble Co. said its finance chief, Jon Moeller, will get the new title of vice chairman as part of the company's turnaround.

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Mr. Moeller, a 29-year P&G veteran who became CFO eight years ago, has headed some of the company's biggest initiatives in recent years, including a selloff of dozens of brands and an overhaul of the company's supply-chain operation.

The executive won't serve on the board and he will continue to serve as CFO. Rather the role elevates him into a more prominent role as the company works to overhaul itself and turn around years of tepid sales growth.

Mr. Moeller is in the midst of executing a $10-billion cost-cutting plan the company launched last year. The company has recently attracted an investment from activist Trian Fund Management LP.

"This appointment recognizes his sustained and meaningful impact across P&G and reflects the critical role Jon continues to play in executing P&G's transformation," said P&G Chairman and Chief Executive David Taylor.